美国州和地方政府债务对中国地方债问题的借鉴  

Lessons from the U.S. State and Local Government Debt Problems

作　　者：张帆[1] 

机构地区：[1]北京大学国家发展研究院

出　　处：《国际经济评论》2016年第3期69-84,6,共16页International Economic Review

基　　金：教育部人文社会科学重点研究基地重大项目"美国政府财政和债务危机及其对我国经济的影响"的分报告(项目编号:12JJD790041)

摘　　要：美国州和地方政府的债务问题是一个尚未引起足够注意的有潜在重要性的问题。本文回顾了美国州和地方政府债务的现状、问题和深层次原因,着重说明了美国地方政府的发债机制、监管机制和破产—救助机制。中国的改革保持了财政单一制,尽管在中央—地方划分财权、事权的问题上存在诸多问题,但财政管理体制已经包含了一些财政联邦制的因素,地方政府在获得经济活动自主权的同时,也负担了更多的财政责任。在融入财政联邦制因素的财政单一制的基础上,需要进一步合理划分中央—地方的权利和责任,建立地方债的监管机制,建立破产保护和救助机制。美国州和地方政府的债务问题为中国解决地方债问题提供了正反两方面的借鉴。一方面,可以借鉴美国比较完善的发债、监管和破产体系,建立公开、透明的地方债务体系。另一方面,需要借鉴美国州和地方政府债务危机的负面经验,建立正确的激励机制,预防地方政府在监管不到位的情况下,由于制度原因造成债务风险。The U.S. state and local government debt problems are of potential importance that are yet tobe noticed. This article reviews the current situation, problems and potential causes of theU.S. state and local government debts, focusing on the debt issuance process, supervision, andbankruptcy-rescue mechanism.China has had a unitary financial system, which includes some elements of fiscal federalism.The local governments have certain economic autonomy, while they also take more fiscalresponsibilities. Based on a unitary fiscal system with some features of fiscal federalism,China needs more rational division of central-local government rights and responsibilities andit needs to set up the supervision mechanism and bankruptcy-rescue system.The U.S. state and local government debt problems provide both experiences and lessons forChina. On the one hand, the debt issuing mechanism and the supervision and rescueregulations can serve as reference for China to improve the transparency and normalization ofits local debts. On the other hand, China needs to prevent the risks of the local debt problemsas exist in the U.S., set up appropriate incentive mechanism and prevent institutionalproblems from arising. The article also raises suggestions on how China set up regulations andrules to manage its local debts.

关 键 词：地方政府债务 财政管理体制 财政联邦制 

分 类 号：F817.12[经济管理—财政学] F812.5